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Average $ per square Foot Quarterly
1st quarter thr
3/31/08 (prelim): $757/SF.
This included 8 Ritz
sales averaging $1082/SF, with a median sales
price of $1.93m. The top Ritz sale was Tower 2 unit
29E/H: $8.5m, 7216square feet., 5 beds/7 baths.
2nd Quarter as of 4/30: $780/SF.
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Closed Units per Quarter
Closed, 1st quarter as of 3/31 (prelim): 21 units.
Under agreement, 2nd quarter through 4/25:
2008: 7
2007: 7
2006: 3
2005: 13
(MLS-PIN)
The
average selling price for the 1st quarter was 94%
of last asking price.
The
average selling price for the 4th quarter 2007 was 97%
of last asking price.
The
average selling price for the 3rd quarter was 96.62%
of last asking price.
2nd quarter: 96.19%.
1st quarter '07 was
95.28% of last asking price.
The
average selling price for the 4th quarter '06 was
94.32% of last asking price.
The average number of days on market for properties
sold in this area was about 72 for the 1st quarter.
The average number of days on market for properties
sold in this area was about 95 for the 4th quarter.
The
average number of days on market for properties sold
in this area was about 68 for the 3rd quarter
62 for the 2nd quarter.
133 for the 1st quarter '07.
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Median Selling Price
1st quarter thru 3/31(prelim): $850,000.
2nd quarter thru 4.30: $1.725.
Once again, it's the large scale projects that
drive selling prices in this neighborhood.
In the 2nd quarter of 2003, there were a large
number of bigger Ritz developer units that closed.
In '04, the Grandview sellout, as well as continued
sales at the Ritz drove the market.
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Number of Available Condominiums
The
number of available condos as of 4/30/08: 39.Supply
is relatively tight in this neighborhood.
Average days on market for available units as of
4/30/08: 126.
Down about 35 days from December.
Availability
is
very dependent upon the completion of large scale
construction and renovation projects, and to a
limited degree, the resale of those units.
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Average $ per Square Foot Yearly
This chart shows the
approximate average dollar
per square foot figure that condominiums in
the Midtown area sold for in each year from 1999 through
the end of December, 2007.
The
actual figures for each unit in Midtown sold in 2007 range from
$148/SF to about $1463/SF for a 3214 SF bed 4.5
bath unit on the
37th floor front of the Ritz Tower II.
|
Total Ritz Sales |
| |
# of sales |
avg. $/SF |
median sale price |
|
2007 |
37 |
$993/SF |
$1,570,000 |
|
2006 |
55 |
$932/SF |
$1,499,000 |
|
|
Ritz Sales 2000 sq ft and above |
| |
# of sales |
avg. $/SF |
median sale price |
|
2007 |
17 |
$1074/SF |
$2,650,000 |
|
2006 |
20 |
$933/SF |
$2,700,000 |
|
It is important to
remember that average $ per SF is really just an
index. Value varies greatly according to location,
condition, configuration, location in building,
parking, condo association factors, etc. |
